Sri Lanka's garment exports drop 2.5% to $1,797 mn in Jan-May 2024

During January-May 2024, textile exports from the island nation dropped by 18.7 per cent year-on-year, totalling $117.5 million. The exports of other made-up textile articles were valued at $46.2 million during the same period, an increase of 8.1 per cent, as detailed in the bank's report titled 'External Sector Performance – May 2024'.

Exports of textiles, garments, and other manufactured textile articles collectively accounted for 48.95 per cent of all industrial exports from Sri Lanka during the reviewed period, the report indicated. All textile product exports summed up to $1,961.0 million in January-May 2024, while Sri Lanka's total industrial exports were $4,006.8 million in the same period.

In May 2024, all textile product exports from the country eased by 5.5 per cent year-on-year, totalling $390.9 million. Category-wise, garment exports decreased by 4.0 per cent to $359.5 million, while textile exports decreased by 23.7 per cent to $23.2 million. Exports of other manufactured textile articles slipped by 23.7 per cent, amounting to $8.3 million.

On the other hand, imports of textiles and textile articles increased by 9.4 per cent to $1,094.2 million, while imports of clothing and accessories edged up by 18.4 per cent, amounting to $84.7 million in January-May 2024. In May 2024, imports of textiles and textile articles increased by 6.9 per cent to $227.3 million, while imports of clothing and accessories rose by 1.5 per cent to $13.9 million.

In 2023, garment exports from Sri Lanka were valued at $4,440.6 million, which was 19 per cent lower than the exports of $5,483.1 million in 2022. The imports of textiles and textile articles had declined by 22.6 per cent to $2,371.2 million, and Sri Lanka's imports of clothing and accessories were down by 21.1 per cent, amounting to $170 million in 2023.

ALCHEMPro News Desk (KUL)